Financial Liberalization,State Financial Control and Financial Crisis in Developing Countries

For developing countries that face the dilemma of reforming in the process of liberalization,how to realize the stable economic growth without crisis is an important strategic issue.By analyzing financial crisis in the framework of the dynamic matching of financial liberalization and state financial control,this paper argues that the unbalanced financial liberalization and the decline of state control play an important role in the financial crisis of developing countries.In the speeding-up opening process of domestic financial industry,developing countries should maintain the state financial controlling ability strategically in a proper way to enhance the capacity of maintaining financial stability and economic security.